Crunchfish AB (CFISH) AI Stock Analysis

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Crunchfish AB

(Nasdaq OMX AB:CFISH)

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Rating:38Underperform

Price Target:SEK 1.50▼(-16.67% Downside)

Action:downgraded

Date:11/14/26

The overall score is deeply negative, driven primarily by a catastrophic financial performance marked by a revenue collapse and massive cash burn. The company's only strength is a debt-free balance sheet, which is being rapidly consumed. This is compounded by a bearish technical trend and a negative P/E ratio, leaving no fundamental or market-driven support for the stock.

Positive Factors

Low financial leverageMinimal leverage reduces the risk that interest costs or refinancing needs will constrain the business during continued losses. It also preserves financial flexibility for funding operations and pursuing commercial opportunities, although this benefit depends on controlling the current cash burn.

Negative Factors

Declining revenueFalling and inconsistent revenue weakens the foundation for a software licensing business because it limits funds available for development, sales, and customer deployments. Continued contraction would make it harder to achieve scale, improve margins, and reach breakeven over the next several quarters.

Crunchfish AB (CFISH) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 149.16M
Dividend Yield: ―
Average Volume (3M): 114.75K
Price to Earnings (P/E): -7.3
Beta (1Y): 0.34
Revenue Growth: -49.38%
EPS Growth: 24.13%
Country: Sweden
Employees: 11
Sector: General
Sector Strength: 55
Industry: Software - Application

Crunchfish AB Business Overview & Revenue Model

Company Description

Crunchfish AB (CFISH) is a Sweden-based technology company focused on software for digital payments and related services. The company develops and commercializes solutions aimed at enabling fast and secure transactions, including functionality design...

How the Company Makes Money

Crunchfish primarily makes money by licensing its payment-related software/technology to other companies (e.g., payment ecosystem participants such as payment service providers, issuers, acquirers, and/or device or platform partners). Revenue is gene...

Crunchfish AB Financial Statement Overview

Summary

Financial performance is critically weak. Revenue has collapsed to 0.6M TTM with deeply negative gross margins, leading to massive net losses. The cash flow statement shows an unsustainable cash burn of -20.1M in free cash flow. The only mitigating factor is a strong, debt-free balance sheet, but it is being rapidly eroded by ongoing losses.

Income Statement

8Very Negative

Balance Sheet

55Neutral

Cash Flow

5Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	586.16K	709.25K	2.93M	987.83K	6.19M	3.96M
Gross Profit	-20.61M	-21.08M	-7.61M	-7.61M	-1.99M	-5.30M
EBITDA	-20.99M	-20.82M	-23.10M	-48.84M	-17.87M	-29.13M
Net Income	-19.53M	-20.23M	-26.53M	-49.30M	-25.90M	-40.90M
Balance Sheet
Total Assets	56.12M	55.81M	54.97M	61.52M	66.49M	64.19M
Cash, Cash Equivalents and Short-Term Investments	6.61M	11.66M	17.28M	30.73M	29.29M	32.76M
Total Debt	594.81K	754.50K	957.49K	1.42M	383.49K	560.58K
Total Liabilities	6.05M	6.28M	7.80M	9.25M	7.72M	8.35M
Stockholders Equity	50.07M	49.53M	47.16M	52.26M	58.77M	55.84M
Cash Flow
Free Cash Flow	-20.08M	-28.01M	-34.75M	-42.62M	-30.47M	-33.73M
Operating Cash Flow	-18.18M	-19.91M	-22.04M	-24.91M	-16.85M	-19.39M
Investing Cash Flow	-7.58M	-8.10M	-12.71M	-17.71M	-13.62M	-15.84M
Financing Cash Flow	14.94M	22.48M	21.25M	43.87M	26.78M	59.25M

Crunchfish AB Technical Analysis

Technical Analysis SentimentNegative

Last Price1.80

Price Trends

50DMA2.05Negative

100DMA2.18Negative

200DMA2.50Negative

Market Momentum

MACD-0.04Positive

RSI42.86Neutral

STOCH18.25Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CFISH, the sentiment is Negative. The current price of 1.80 is below the 20-day moving average (MA) of 2.00, below the 50-day MA of 2.05, and below the 200-day MA of 2.50, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 42.86 is Neutral, neither overbought nor oversold. The STOCH value of 18.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CFISH.

Crunchfish AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:CFISH against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:LITI	60Neutral	SEK 183.82M	-102.81	-1.46%	―	26.50%	-137.53%
SE:TRUE.B	60Neutral	SEK 7.22B	63.75	11.49%	1.20%	-15.84%	-74.24%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:LOYAL	55Neutral	SEK 91.96M	34.68	―	―	41.33%	―
SE:PREC	43Neutral	SEK 133.94M	-1.82	-18.04%	―	-11.14%	-152.87%
SE:SFL	43Neutral	SEK 63.19M	-3.75	-79.55%	―	-13.01%	-835.45%
SE:CFISH	38Underperform	SEK 149.16M	-7.34	―	―	-49.38%	24.13%

* General Sector Average

Performance Comparison

SE:CFISH and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CFISH	Crunchfish AB	1.80	-1.32	-42.31%
SE:PREC	Precise Biometrics AB	0.49	-1.74	-78.00%
SE:LITI	Litium AB	9.50	-3.90	-29.10%
SE:SFL	Safello Group AB	3.09	-1.93	-38.45%
SE:TRUE.B	Truecaller AB Class B	23.27	-0.73	-3.02%
SE:LOYAL	Loyal Solutions A/S	9.68	6.64	218.42%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 14, 2026

Crunchfish AB AI Stock Analysis